During a Verizon Wireless investors conference, Executive Vice President and CFO Fran Shammo announced some disappointing news for loyal Big Red customers today. Verizon will eliminate grandfathered unlimited data plans for any consumer looking to upgrade to a 4G LTE-enabled smartphone when the company introduces tiered data share plans this summer.
“LTE is our anchor point for data share, so as you come through an upgrade cycle and you upgrade in the future, you will have to go onto the data share plan, moving away from the unlimited world” – Fran Shammo
“So when you think about our 3G base — a lot of our 3G base is unlimited — as they start to migrate into 4G, they will have to come off of unlimited and go into the data share plan, and that’s beneficial for us for many reasons, obviously.” – Fran Shammo
You can listen to Fran Shammo deliver the bad news at around the 10:30 mark of this webcast.